v3.25.1
FAIR VALUE (Tables)
3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of changes in fair value, inputs, level 3
The following table presents the changes in the CVR liability classified as Level 3 for the three months ended March 31, 2025:
Three Months Ended March 31,
(in thousands)2025
Beginning balance$9,000 
Change in fair value(3,000)
Ending balance$6,000 
The following table presents the changes in contingent consideration balances classified as Level 3 for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31,
(in thousands)20252024
Beginning balance$10,854 $23,984 
Payment of Gross-Profit earn-out— (12,500)
Change in fair value801 90 
Ending balance$11,655 $11,574 
The following table presents the changes in accrued licensor payments classified as Level 3 balances for the three months ended March 31, 2025:
Three Months Ended March 31,
(in thousands)2025
Beginning balance$20,961 
Change in fair value(9,893)
Ending balance$11,068 
Schedule of recurring Level 3 fair value measurements of contingent consideration
The recurring Level 3 fair value measurements of contingent consideration for which a liability is recorded include the following significant unobservable inputs as of March 31, 2025:
Payment TypeValuation TechniqueUnobservable InputAssumptions
Profit-based milestone paymentsProbability-weighted discounted cash flowDiscount rate12.0%
Projected fiscal year of payment2025-2034
The recurring Level 3 fair value measurements of the EyePoint royalty for which a liability is recorded include the following significant unobservable inputs as of March 31, 2025:
Payment TypeValuation TechniqueUnobservable InputAssumptions
Annual royalty payments for US net revenues of sales of YUTIQ and ILUVIENProbability-weighted discounted cash flowDiscount rate11.8%
Projected fiscal year of payment2027-2029
Schedule of financial assets and liabilities accounted for at fair value on a recurring basis
The following table presents our financial assets and liabilities accounted for at fair value on a recurring basis as of March 31, 2025 and December 31, 2024, by level within the fair value hierarchy:
(in thousands)
Description
Fair Value at
March 31, 2025
Level 1Level 2Level 3
Assets
Money Market Fund$67,882 $67,882 $— $— 
Interest rate swap$3,614 $— $3,614 $— 
  CG Oncology - Investment in equity securities$5,386 $5,386 $— $— 
Liabilities    
Contingent consideration, Novitium$11,655 $— $— $11,655 
Contingent Value Rights, Alimera$6,000 $— $— $6,000 
Accrued licensor payment$11,068 $— $— $11,068 
DescriptionFair Value at
December 31, 2024
Level 1Level 2Level 3
Assets   
Money Market Fund$84,277 $84,277 $— $— 
Interest rate swap$4,897 $— $4,897 $— 
CG Oncology - Investment in equity securities$6,307 $6,307 $— $— 
Liabilities    
Contingent consideration, Novitium$10,854 $— $— $10,854 
Contingent Value Rights, Alimera$9,000 $— $— $9,000 
Accrued licensor payment$20,961 $— $— $20,961